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Capital Market Outlook

January 27, 2020


  • Macro Strategy—2020 Outlook for U.S. Business Investment Spending — We think business investment spending could grow at a low-to-mid single digit pace in the U.S. in 2020 despite headwinds from the retail, energy and air transportation sectors.
  • Global Market View—America: An Economic Silverback in a Jungle of a World — It’s a jungle out there, in other words, giving fright to investors. Yet in the hierarchy of the jungle, investors must not forget that the U.S. is an economic silverback.
  • Thought of the Week—At a Golden Crossroads — Gold is at a technical crossroads, in our view. While a trifecta of bullish catalysts has reduced demand for the yellow metal, we see long-term reasons to maintain a position in this portfolio diversifier.

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